National Business Council sends to the House of Representatives four paragraphs to be included in the investment law prepared for the vote

Author: Editor: sz reporter: ay

08/31/2015 15:17

Tomorrow Press / Baghdad: Iraqi National Business Council proposed four paragraphs to be included in the Investment Law No. 13 and the subject of discussion and study in the House of Representatives, particularly in the economic and investment commission for the success of law enforcement on the ground.

The head of the Council of David Abdul Zayer in a statement received "tomorrow Press," "our belief in the importance of investing in the development of the Iraqi economy and to create an environment and laws attractive for national and foreign investors and the most important of the Investment Law No. 13 of 2006, as amended, for the purpose of the amendment is that the House of Representatives in the process of approval during these days in a very imperfect and in support of the government after the administrative, financial, economic and regulatory reforms package and continued emphasis on supporting the private sector to take a national role in the construction and development and the advancement of the Iraqi economy, we feel it is necessary and makes sense to add some paragraphs that would support the law. "

"The paragraphs that have been sent to the Committee on the economy and investment representative are inspired by the experiences of others is characterized by the law of Iraq to the laws in force in the region and in order to be quick and easy application without hindrance to remember."

The Zayer "The first paragraph included the granting of investor within the investment cities (Chalsknah, industrial or tourism or media, commercial or others) the right to enjoy the investment law and obtain an investment license within the city granted an investment license also straighten the legal status of land use to the second investor either rent or acquisition whether industrial or residential city. "

He added that "the second paragraph devoted to the call of releasing the investor of all taxes, fees and customs of all the raw materials and supplies production in line with the direction the government of preventing the import of non-economic and non-essential and the promotion and protection of the national industry, and for the third paragraph was that he must venture project enjoys the privileges of all the laws in force in addition to the investment law. "

And that "the fourth paragraph inviting industrial investors through the enjoyment of all industrial laws, including the Industrial Development Act No. (20) in addition to the investment law."

Still the Investment Law No. 13 of 2006 when the economic and investment commission is discussed, study after it was read a first reading and is expected to be voted on during the next sitting Council of Representatives.

The House of Representatives passed in 2006, the Iraqi investment law, which it was said at the time that it would open the doors wide open to foreign investment, due to submit a lot of facilities to foreign investors, but that many foreign companies are still hesitant because of fears that the security situation is stable in Iraq, adding that the law did not give investors the right to ownership of the property the project, and equated the investor Iraqi and foreign in all the privileges, with the exception of real estate ownership, as can the investor foreign than lease the land for 50 years, subject to renewal, according to paragraph 11 of the Investment Law.